The global cloud based simulation application market is gaining on the back of increasing use of simulation software applications across a host of industry verticals. Simulation software applications are equipped with inbuilt capabilities to measure, simulate, restructure, and manage risks. This makes cloud based simulation application suitable to provide training, for efficient use of available resources, and to anticipate process outcomes by enhancing process efficiency.
Furthermore, demand for industrial automation and investments from companies in simulation technology and its application with the objective of sustainable development are also anticipated to fuel growth of cloud based simulation application market.
A report by Transparency Market Research (TMR) estimates the global cloud based simulation application market to clock a healthy 11.4% CAGR during the forecast period between 2017 and 2025, for the market to become worth US$8,451.5 mn by the end of 2025 increasing from US$3,259.8 mn in 2016.
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Software as a Service Segment to Continue to Dominate
The report studies the global cloud based simulation application market on the basis of solution, application, industry, and geography. On the basis of solution, the market is classified into software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (LaaS). Of them, in 2016, software as a service held more than 50% revenue share of the overall market. In absolute terms, revenue contribution of SaaS segment was US$2,259.5 mn in 2016. Expanding at a CAGR of 11.8% during 2017 and 2025, SaaS segment is anticipated to hold the leading share by the end of 2025. The growth of this segment is mainly because of rising demand for technology-based solutions, and due to the demand for cloud based simulation applications from the manufacturing sector.
In terms of application, the key segments of the cloud based simulation application market include training, process improvement, predicting outcomes, and managing risk. Amongst all, in 2016, process improvement segment held more than 30% market share. The process improvement segment is anticipated to rise at a CAGR of 10.5% during the 2017-2025 forecast period. However, predicting outcomes application segment is anticipated to rise at the leading 12.7% CAGR during the forecast period. The growth of predicting outcomes segment is mainly because it helps to provide investment plan for new product development.
Healthcare to Emerge Attractive in Coming Years
Based on industry, the key segments include manufacturing, media and entertainment, construction, automotive, transportation and logistics, healthcare, defense and aerospace, energy and power, and other. Of them, automotive industry held the leading share of more than 25% of the overall market in 2016. This was followed by defense and aerospace that held more than 18% market share in the same year. However, healthcare is anticipated to display the leading growth rate over the forecast period.
Geographically, the cloud based simulation application market has been bifurcated into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America stood as the leading regional market for cloud based simulation application in 2016; the growth of this market is mainly because of the presence of well established companies that are striving to increase their market share globally. The growth in North America is mainly driven by the U.S. due to the presence of well-resourced cloud contributors that either operate independently or via joint collaborations with local players.
Globally, prominent players in the cloud based simulation application market include ANSYS Inc., Autodesk Inc., Dassault Systemes, Exa Corporation, Fieldscale, MSC Software, Rescale Inc., Siemens PLM Software, SimCore Technologies, SOASTA Inc., and SimScale.